Brisson Company made radio antennas, which were sold through auto supply stores and mail-order catalogs. These antennas

Question:

Brisson Company made radio antennas, which were sold through auto supply stores and mail-order catalogs. These antennas were used by vehicle owners to replace antennas that had been vandalized or had otherwise become ineffective. Brisson made two models: the F-100 was used for fender mounting, and the S-100 was used for side mounting (e.g., on truck cabs).
Brisson used a standard cost system, which included these standards per dozen antennas:

Questions
1. Set up T accounts, post beginning balances, and then record the above transactions. Adjust and close the accounts, determine April's income (ignore income taxes), and close this income to Shareholders' Equity. Do not create any balance sheet T accounts not listed above.
2. Prepare the April income statement (again, disregarding income taxes). Why is your number for April income only an approximation?
3. Prepare a balance sheet as of April 30.

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...